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3653 steps to completion
I've enjoyed reading other people's threads on here so thought it was time to throw my hat into the ring and give myself a kick up the bottom with regards to my finances. Everything is manageable, just want to make sure I'm making the most of my earnings when they come in every month! Mid 30s, wife and two kiddles (8 and…
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Nationwide Overpayment Options Incorrect Online banking
Not sure if anyone else has come across this but we've found that the options showing in Nationwide online banking for mortgage overpayments arent necessarily correct. In your online account you can set the action to take for payments over £00, decrease payment, decrease term or leave as is. Ours are set to reduce term but…
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Can I pay off 10% before paying my Santander mortgage off?
Hi, I am in the position to pay off my Santander Mortgage early and I know there is an early repayment fee. I can also pay off 10% each year with no penalties , I was wondering if I pay off 10% just a few weeks before I pay off my entire Santander mortgage ( in the same year) Would this reduce my early repayment fee? or…
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BEST WAY TO SETTLE THE BALANCE ON MY MORTGAGE?
Two and a half years ago my wife and I changed our mortgage from Halifax to Metrobank. We took out a 10 year loan, fixed for 5 years at 1.99% If we repay the balance during the fixed rate period we will be liable to a penalty. It is our aim to be in a position to pay off the balance at the end of the fixed rate period and…
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Barclays Mortgage Overpayment confusion.
Hi All, I have spoken with Barclays on the phone a few weeks ago regarding overpayments but did not take full notes (memory not as it used to be). Hope someone on here can help with my uncertainties as I cannot get through to Barclays, waiting time seems to be over an hour every time I try and webchat is for current…
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Remortgaged a Mortgage Free Home
We paid our mortgage off in 2017, so are now mortgage free on our home, which is worth £200k. I have looked at various "remortgage" options and they all seem to have required sections for "when does/did your existing mortgage offer end" and "how much left to pay on the mortgage". I know things like equity release exist…
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Overpayment calculators
Hi all, I've started looking in to repaying my mortgage off early (I still have 20 years and £110k left on it!). My mortgage allows up to 10% of the outstanding balance as an overpayment. Now I've just been trying out some overpayment calculators - including the one from this site…
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close to mortgage neutral
I expect at the end of January to have enough money in various savings and car value to leave around 7k left on my mortgage (if all savings used to pay this off). The exact amount owing at the moment is about 99k, and I have 15k car equity (which I intend to sell soon and get a new car on PCP) and use the money towards…
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Pension and mortgage
Hi Is it worth drawing off pension to settle mortgage debts
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Existing mortgage moving to new house
Hi all, I started my mortgage with Nationwide in 2018 and the initial borrowed amount was 157,500 on my 3-bed property at 90% LTV 2-year fixed term. At "end of term, i switched the product at 75% LTV (though I had to pay some extra amount so the LTV was at or below 75% to get the best interest rate), current outstanding…
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Inheritance and Mortgage
Hi all, I wonder if anyone had any good advice on our current situation regarding a bit of inheritance and paying off our mortgage in the most efficient way. We currently have £78,000 left on a 10 year fix and flex mortgage, which is at 2.59%. Our monthly payment is £550 a month and i overpay as much as possible yearly. We…
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34 months countdown - MF before 40!
Hi all 👋 I’m a long time user of MSE forums but have set up a new user ID for my MFW journey. I’ve been a lurker on this board for a long time as I love reading all the diaries! Such great inspiration! To hold myself to account, I want to start documenting my journey! So I’ve had a tough few years to be honest. Found out…
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pay off mortgage - Mortgage or Loan?
Hi all, When it comes to working out APR's, mortgage interest etc, I confess I'm not in the same league as the Chase beast. From the 1/1/21 my Mortgage is £23,597 * My rate is 1% above base rate * I am allowed overpayments and no penalty for reducing or paying off my mortgage before the end of term. * With my current…
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What would you do in my shoes?
Hi, my mortgage currently is £308,000. I sadly lost my dad in 2019. He left me money bless him. I still have £75k. I’ve already overpaid £30k with it. Would you use most of the rest to overpay mortgage? Thanks in advance
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Re-Mortgage the Help to Buy Payment or pay off separately?
Hi All, Myself and my partner were first time buyers on a new property almost 5 years ago. We took advantage of the Help to Buy scheme in which the government provided 20% of the house value, whilst we provided the 5% deposit and 75% Mortgage. The Help to Buy was interest free for 5 years, which means shortly we will be…
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Tax Liability on Gifts from Parents
Hi All A mother wants to gift her son 35k. Are there any tax implications, the Mother is 64 and in good health. I have read about being liable for tax on up to 325k if the benefactor should pass away within seven years but can't see categorically whether that applies here, and even if it does, is there anything else to be…
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Temporarily Diverting Mortgage Overpayments
Hi, up until now we have been overpaying our mortgage by around £300 per month. My partner is in the leisure industry so has been on furlough for a number of months now. There is some job concern once things "get back to normal" after this pandemic. Rather than continue to make overpayments directly to the mortgage, I'm…
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Remortgage
In 2006 my brother got my mother to remortgage her house for £120,000. The mortgage is in her name but my brother makes the interest only repayments. Can this be considered a loan? If my mother where to die would my brother have to repay the £120,000 to my mothers estate? My brother made a verbal promise to repay the full…
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You only live once- my journey to being mortgage free
I have been a long time lurker on the MFW boards but only took the plunge to join today. This is partly because I feel spending has spiralled lately and I need some accountability if we are ever to be mortgage free. I welcome all tips, advice and hope to join you on your adventures to freedom to! So a little about me- the…
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Last one standing
Well, it has been an odd year, 2020, and three months with zero income didn't help, but this Saturday, 19th Dec, I got the letter from Hitachi Capital confirming that the last finance agreement we had is cleared :) That leaves the credit card paid in full every month (which I don't really consider to be credit but more…
